Oil giant, Shell and London-based holding company, Calibrate Partners have acquired a minority stake in the Applied Blockchain startup to help it explore how the technology might be applied to its business.
According to Shell Chief Technology Officer for IT, Johan Krebbers, “Blockchain applications have a huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers.” “Investing in Applied Blockchain is part of our commitment to use digitalization to create value in our core business and develop new business models,” he added.
Applied Blockchain was founded in 2015. The company develops blockchain applications with smart contracts, which enable the technical execution of contracts and contract content. Until now, they have attracted customers from the aviation, telecommunications, manufacturing, automotive and financial industries.
Shell is now their first customer from the energy sector and aims to simplify, as well as digitize the collaboration with customers and suppliers with blockchain technology.
A few analysts have expressed their thoughts and opinions on this new development. They stated that the application of blockchain in the oil and gas industry presents a particular compelling opportunity. “A secure system that mitigates risk, increases transparency, provides an audit trial, and speeds up transactions at a significantly reduced cost may be appealing to oil and gas companies,” analysts said.
Shell is a global group of energy and petrochemical companies with an average of 92,000 employees in more than 70 countries. They use advanced technologies and take an innivative approach to help build a sustainable energy future.